Estate Planning: Wills & Trusts
Estate planning is for everyone. Even if your possessions are few, proper documentation is required to ensure that your intended beneficiaries inherit your property in the correct manner.
Last Will and Testament
The Last Will and Testament is a crucial document that outlines your wishes concerning property distribution at your passing. Not all property is subject to your Will, however, and in some cases, you may wish to avoid probate entirely through use of a trust or other planning vehicles.
Living Trust
A Revocable Living Trust is commonly used to avoid probate and ensure that your property is distributed according to your wishes without court oversight or extensive delays. The specific terms are very customizable, but it is crucial that the trust is properly funded to be effective as a means of probate avoidance.
Durable Power of Attorney
Planning for potential incapacity later in life usually involves the establishment of a General Durable Power of Attorney. Decisions about the scope of power being granted to your agent, especially gifting powers, are best made with guidance of counsel in light of your specific circumstances.
Advance Medical Directive
A Virginia Advance Medical Directive encompasses both a Living Will, which details your wishes for end of life care, as well as a Healthcare Power of Attorney, by which you appoint an agent to make medical decisions when you are unable to do so.